Would anyone be willing to describe the fi-aid process they went through?

Are there any potential roadblocks or killers? Like in my example of needing say $20,000 in loans... is there anything that could "get in the way" of getting that money easily, or is it really just that simple? I guess I just find it hard to believe that an institution would loan out $100,000 to some poor kid who needs it when its possible that the student could flake out and decide to work at McDonalds, making it impossible to recover the loans.

Student loans are a great bet. More than likely the student will have a job that will enable them to payback the loan. If they drop out they still owe the money ... even if they go bankrupt they will get their money ... student loans cannot be discharged in bankruptcy. If you get a job at McDs they will slap a garnishment on your wages. They will get their money for sure. Just don't drop out.

If you are an american citizen with some kind of credit history chances are you will get a loan. you may need a cosigner, but you will get your student loan.

Nothing. Maybe gathering the info you'll need for FAFSA and NeedAccess, but it doesn't take THAT long. I didn't start finaid *&^% til January at the earliest, and actually in retrospect it was more like February/March.

BC was implementing this new loan processing system, which meant that I didn't even apply for loans until like 3 weeks before school started. Its real easy, don't worry about loans. If you're talking about independent scholarships, then it is up to you to look for these things ... a lot of groups give general post-graduate scholarships but they are usually in smaller amounts and a pain in the ass to apply for. Once you narrow down your school choices, take a look to see if there are any special application-only scholarship programs that the school provides (for instance BC has public interest scholars, has a few special scholarships for certain underrepresented groups, has a scholarship for a jewish student, etc.) Sometimes these scholarships are things you apply for later in school (pay for your 3rd year or something). In general, though, count on your fin aid package being mostly loans at your top choices, or some scholarships at your safeties.

Don't forget about the multitudes of outside graduate / professional school scholarships out there that you can apply for. They're all a numbers game - just go to your undergrad finaid office, go to fastweb.com, go to your Rhodes/Marshall/Fulbright coordinator - make a list, and start applying. That's a great way to avoid loans and get your law school fully paid for (I did it for undergrad.)

But yeah, wait until after Jan 1st comes around to do FAFSA. Also be aware of what schools require the CSS or Need Access profiles in addition to the FAFSA. You can usually find this out by going to the school's website and looking under Admissions/Financial Aid.